Patterns: AUD/JPY, GBP/JPY
|AUD/JPY 4H Chart: Remains near support cluster
The Australian Dollar has continued to depreciate in a descending channel against the Japanese Yen. The currency pair decline by 1.31% in value during last week's trading sessions.
The exchange rate was trading near a support cluster formed by the combination of the weekly and the monthly pivot points at 73.91 during the morning hours of Thursday's trading session.
If this support cluster holds, a breakout through the upper boundary of the channel pattern could occur within the next 48 hours.
However, if the pair breaks the cluster as mentioned earlier, bears could drive the rate further south during next week's trading sessions.
GBP/JPY 4H Chart: Set for breakout
The Pound Sterling edged lower by 1.98% in value against the Japanese Yen during last week's trading sessions. The currency pair bounced off from a support level at 135.38 on June 18.
The exchange rate was trading near the upper boundary of a descending channel pattern at 136.55 and could be set for a breakout.
If this breakout occurs, a surge towards a resistance level formed by the 200-hour simple moving average could follow.
However, the combination of the 50– and 100-hour SMAs at 137.37 might hinder the currency exchange rate progress during next week's trading sessions.
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